Nippon acquires majority stake in Mecca coating
On November 29, Nippon Investment Co., Ltd. (Nippon China) and Mecca Paint Shanghai signed a cooperation signing ceremony. Nippon China will acquire a 70% stake in Mecca Paint Co., Ltd. and Mecca Paint (Nantong) Co., Ltd. The stock acquisition process is expected to be completed in early 2019.
Through this acquisition, Nippon China will fully enter the container and wind power infrastructure sector. These two fields have strong growth potential in China's industrial coatings market. Mecca is a leading supplier of well-known brands in the field of container and wind infrastructure, particularly in waterborne coatings. With a wide selection of approved coatings for solvent and waterborne technologies, Nippon China will further expand its product range, increase its sales and share in the industrial coatings market in China, and help the Group continuously improve its sustainable corporate value.
Shanghai Mejia Paint Co., Ltd. and Mecca Paint (Nantong) Co., Ltd., the business scope of the production and sales of containers and wind power coatings, estimated sales in fiscal year 2018: RMB 827 million.
